Agong accepts report on RCI’s findings

KUALA LUMPUR: Yang di-Pertuan Agong Sultan Muhammad V yesterday accepted the Royal Commission of Inquiry’s (RCI ) report on the probe into the Bank Negara Malaysia’s (BNM) massive foreign exchange (forex) losses in the 1990s.

The 400-page report was presented to His Majesty by the RCI chairman Tan Sri Mohd Sidek Hassan at the Istana Negara this evening.

“The commission has presented to His Majesty the report which was prepared over the past three months.

“His Majesty will later take it to the attention of the government. I have also explained all the findings and it is now up to the government to decide further action,” Mohd Sidek told reporters at the Istana Negara.

Earlier, Mohd Sidek, along with other members of the RCI, had an audience with Sultan Muhammad V, which lasted over an hour.

Other members of the commission were High Court judge Datuk Wira Kamaludin Md Said, Bursa Malaysia Chief Executive Officer Datuk Seri Tajuddin Atan, Co-Chairman Special Task Force to facilitate Business (Pemudah) Tan Sri Saw Choo Boon and Malaysian Institute of Accountants K. Puspanathan.

Finance Ministry strategic investment division secretary Datuk Dr Yusof Ismail is the commission’s secretary.

Mohd Sidek, who is also Petronas chairman, said the report also contained the commission’s five terms of reference.

“It is up to the government to whether or not make the report public,” he said.


On July 17, the Yang di-Pertuan Agong consented the setting up of the RCI to investigate the forex losses suffered by the central bank in the 1990s according to the Commission of Inquiry Act 1950.

Among the commissions five terms of reference were:

* To determine whether BNM’s foreign exchange dealings which incurred losses had contravened the provisions of the Central Bank Ordinance 1958 or any other relevant laws;

* To determine whether there were elements of deliberate concealment of facts and information and misleading statements made to the Cabinet, Parliament and public regarding the losses incurred by BNM due to the foreign exchange dealings;

* To recommend appropriate action to be taken against parties involved directly and/or indirectly if found to have caused the losses incurred by BNM and concealed the fact and information regarding the said losses; and,

* To recommend course of action to ensure similar events will not be repeated.

The RCI convened for eight days from Aug 21 and concluded on Sept 19 after calling 25 witnesses.

Among the witnesses included former Prime Minister Tun Dr Mahathir Mohamad, former Deputy Prime Minister Datuk Seri Anwar Ibrahim, former BNM governor Tan Sri Dr Zeti Akhtar Aziz, former BNM adviser Tan Sri Nor Mohamed Yakcop and former finance minister Tun Daim Zainuddin.

Source: The Malay Mail Online



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